Political Economy Quote of the Week for 20160314

“… exchange value as well as use value—are kinds of subjective value. Use value is the importance which a good obtains for the welfare of a person, on the assumption that it is used immediately in furthering his wellbeing; and, similarly, exchange value is the
importance which a good obtains for the welfare of a person through its capacity to procure other goods by way of barter.” – Eugen von Böhm-Bawerk, The Positive Theory of Capital.

This entry was posted in Political_Economy and tagged , . Bookmark the permalink.